The Mortgage Bankers Association’s Market Composite Index – which measures mortgage application volume – rose 4.7% on a seasonally adjusted basis last week. On an unadjusted basis, the index rose 7% from the previous week. The Refinance Index rose 10% from the previous week, and the seasonally adjusted Purchase Index was down 4%. On an unadjusted basis, the Purchase Index was up 2% from the previous week and 15% down from the same week a year ago.
The refinance share of mortgage activity was up two percentage points to 64% of all applications, the highest level in a month. The adjustable-rate share of mortgage activity decreased to 7%, according to the MBA.
Interest rates for 30-year fixed-rate mortgages, meanwhile, hit their lowest levels since November. The average rate for 30-year FRMs with conforming loan balances dropped to 4.57% last week from 4.66% the week prior. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.57% from 4.58% the previous week.
The average rate for Federal Housing Administration-backed 30-yerar FRMs was also down, dropping to 4.24% last week from the previous week’s average of 4.29%.
The average rate for 15-year FRMs dropped to 3.68% -- its lowest level since December – from the previous week’s average of 3.72%.
The average rate for 5/1 ARMs was also down, dropping from 3.28% to 3.23%.
Mortgage applications were up last week as rates dropped, according to data released today.